QVMM vs. BNO
QVMM (Invesco S&P MidCap 400 QVM Multi-factor ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - QVMM is a Multi-factor fund tracking the S&P MidCap 400 Quality, Value & Momentum Top 90% Multi-Factor Index - Benchmark TR Gross, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. Both are passively managed. Over the past 3 years, QVMM returned 16.66%/yr vs 19.32%/yr for BNO. At a 0.11 correlation, their price movements are largely independent. QVMM charges 0.15%/yr vs 1.00%/yr for BNO.
Performance
QVMM vs. BNO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, QVMM achieves a 15.32% return, which is significantly lower than BNO's 50.21% return.
QVMM
- 1D
- -0.92%
- 1M
- 2.93%
- YTD
- 15.32%
- 6M
- 13.35%
- 1Y
- 26.52%
- 3Y*
- 16.66%
- 5Y*
- —
- 10Y*
- —
BNO
- 1D
- -1.35%
- 1M
- -22.65%
- YTD
- 50.21%
- 6M
- 47.81%
- 1Y
- 38.79%
- 3Y*
- 19.32%
- 5Y*
- 17.15%
- 10Y*
- 11.25%
QVMM vs. BNO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF | 15.32% | 8.82% | 13.36% | 15.43% | -13.06% | 6.20% |
BNO United States Brent Oil Fund LP | 50.21% | -5.44% | 9.67% | -3.43% | 35.25% | 8.68% |
Correlation
The correlation between QVMM and BNO is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021 | 0.11 |
The correlation between QVMM and BNO shifts across timeframes, from -0.24 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
QVMM vs. BNO — Risk / Return Rank
QVMM
BNO
QVMM vs. BNO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) and United States Brent Oil Fund LP (BNO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| QVMM | BNO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.19 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.21 | 1.33 | +1.88 |
| Martin ratioReturn relative to average drawdown | 11.53 | 4.21 | +7.32 |
Loading charts...
Drawdowns
QVMM vs. BNO - Drawdown Comparison
The maximum QVMM drawdown since its inception was -24.00%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for QVMM and BNO.
Loading charts...
Drawdown Indicators
| QVMM | BNO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.00% | -87.06% | +63.06% |
Max Drawdown (1Y)Largest decline over 1 year | -8.30% | -29.25% | +20.95% |
Max Drawdown (3Y)Largest decline over 3 years | -24.00% | -29.25% | +5.25% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.18% | — |
Current DrawdownCurrent decline from peak | -0.92% | -29.25% | +28.33% |
Average DrawdownAverage peak-to-trough decline | -7.01% | -40.10% | +33.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.31% | 9.28% | -6.97% |
Volatility
QVMM vs. BNO - Volatility Comparison
The current volatility for Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) is 4.58%, while United States Brent Oil Fund LP (BNO) has a volatility of 10.92%. This indicates that QVMM experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| QVMM | BNO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.58% | 10.92% | -6.34% |
Volatility (6M)Calculated over the trailing 6-month period | 11.61% | 37.29% | -25.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.58% | 41.67% | -26.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.46% | 35.65% | -16.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.46% | 36.68% | -17.22% |
QVMM vs. BNO - Expense Ratio Comparison
QVMM has a 0.15% expense ratio, which is lower than BNO's 1.00% expense ratio.
Dividends
QVMM vs. BNO - Dividend Comparison
QVMM's dividend yield for the trailing twelve months is around 1.15%, while BNO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BNO United States Brent Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QVMM Invesco S&P MidCap 400 QVM Multi-factor ETF | 1.15% | 1.32% | 1.29% | 1.42% | 1.51% | 0.60% |
Frequently Asked Questions
QVMM and BNO have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNO has higher volatility (10.92%) compared to QVMM (4.58%). In terms of maximum drawdown, QVMM dropped -24.00% vs BNO's -87.06%.
On 3-year performance, BNO leads with 19.32% vs 16.66% for QVMM. On fees, QVMM is cheaper at 0.15% per year. On volatility, QVMM has been the lower-risk option at 4.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BNO has performed better with a 19.32% return vs 16.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QVMM is cheaper with a 0.15% expense ratio, compared with 1.00% for BNO.
QVMM has the higher dividend yield at 1.15%, compared with 0.00% for BNO.
QVMM is categorized as Multi-factor, while BNO is Oil & Gas. QVMM tracks S&P MidCap 400 Quality, Value & Momentum Top 90% Multi-Factor Index - Benchmark TR Gross, while BNO tracks Crude Oil Brent ICE Near Term Futures. They also come from different issuers: Invesco and USCF Investments. Their fees differ too: 0.15% for QVMM and 1.00% for BNO.
QVMM currently has the higher Sharpe Ratio (1.71 vs 0.95), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for QVMM and BNO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer